Tuesday, 29 May 2012

PENALTY IS DISCRETIONARY NOT MANDATORY

Shri P V Ramana Reddy Vs ITO, Hyderabad
Income Tax - Section 271(1)(C) - Whether provisions of section 271(1)(C) are discretionary and hence the same are to be exercised in a liberal manner - Whether AO is required to be more liberal particularly in cases where the additions are confirmed as a result of difference of opinion. - Assessee's appeal allowed: HYDERABAD ITAT

No comments:

Delhi HC holds 10% pre-deposit requirement for penalty-only appeals inapplicable where SCN was issued before amendment

  This Tax Alert summarizes a recent ruling of the Delhi High Court (HC) [1] on whether the newly introduced pre-deposit requirement for fi...